MoneyLion, a financial wellness platform, formally announced its first-quarter 2021 results.
What Happened: MoneyLion is a holistic platform for wealth accumulation and management.
In providing American’s better access to modern mobile banking, investing, cash management, and credit building, the company’s customer base grew 80% in the first quarter of 2021. Revenues also grew, amid a 204% increase in originations, to $188.7 million, compared to $62 million in the same period last year.
Total customers stood at 1.8 million users, up from 80%. Total payments volume grew 213% to $306.4 million.
For the first quarter of 2021, MoneyLion reported adjusted revenue of $32.5 million, higher than the expected $31.5 million.
Why It Matters: To enable more Americans better access to modern mobile banking, investing, cash management, and credit building tools, MoneyLion became a publicly traded company.
Proceeds will be used to support MoneyLion’s working capital and scale its proprietary technology platform and suite of products.
Recent additions to MoneyLion’s portfolio include the acquisition of algorithmic financial technology provider Wealth Technologies and investment in Zero Hash to enable members to buy, sell, and earn digital currencies.
“MoneyLion is off to a very strong start in 2021,” said Dee Choubey, MoneyLion co-founder and CEO. “We continue to capitalize on market opportunities and improve our product offering to help more customers take control of their financial futures.”
“We look forward to completing the merger transaction with Fusion by early July, which will give us access to significant growth capital and allow us to accelerate the execution of our strategic plan.”
To learn more about MoneyLion, click here.
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